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Helaba promoted from MLA to bookrunner while RBC sits out
Financial institutions specialist heads to German bank
New system starts with nearly 100% coverage of trading data
Europe’s regulator proposes preserving capital requirements while trimming the complexity that hampers cross-border M&A
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Rating agencies and investors this week hit back at plans announced by the European Commission to regulate the sector, claiming that the proposed moves could exacerbate market volatility rather than reduce it as intended.
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Sergio Ermotti, appointed this week as UBS’s new group chief executive, announced on Thursday afternoon a big reduction in the scope and scale of UBS’s investment bank. Speaking at the firm’s investor day, hosted in New York, Ermotti outlined a halving of risk weighted assets in the investment bank and the exiting of business lines that are inefficient users of capital.
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Eamonn Price, head of Royal Bank of Scotland’s EMEA financial institutions group, is one of the high profile casualties of the bank’s round of job cuts concluded this week, with some market participants saying redundancies amounted to as much as 40% of some units.
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Commerzbank booked big impairments on its peripheral European sovereign debt positions in the third quarter, reporting a loss of €798m relating to Greek sovereign bonds last Friday. The positions now stand at just 48% of face value.
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Jefferies was this week forced to defend itself against speculation about its exposure to eurozone sovereign debt — as well as to failed derivatives broker MF Global, which it had considered buying last weekend before rejecting a deal as too risky.